Broker Check
 

Update to the Washington State Cares Law

| November 30, 2022
Share |

WA Cares Law Update

The WA Cares long-term care program is still in discussion and we recently received an update on its status. This law plans on taxing everyone in Washington state 0.58% of their income to receive a $36,500 long-term care benefit if they ever need it. To avoid this tax, individuals could purchase private long-term care.  The tax was put on hold in January due to questions about its solvency, the ability to meet long-term care needs, and the restrictions on portability. The law was up for discussion in their last meeting in mid-November. Here are some updates:

  • They ran more scenarios and it may potentially remain solvent through 2098. It also may not remain solvent. There are a lot of unknown variables.
  • They are looking at portability again, meaning allowing enrollees to take their benefits out-of-state.
  • For those that purchased, or already owned private long-term care insurance and received their opt-out letter, may have to prove again they still hold long-term care insurance.
  • Individuals that have opted out could potentially opt back in.

The commission will look at the final recommendations on December 9. Here is a more detailed summary:

https://www.washingtonpolicy.org/publications/detail/long-term-care-law-might-be-changing-again-and-solvency-is-sought

You can watch the full video here:

https://tvw.org/video/long-term-services-and-supports-trust-commission-2022111001/?eventID=2022111001

Share |